Common use of Revocation of currency Clause in Contracts

Revocation of currency. Notwithstanding Clause 8.1 (Availability of Optional Currencies) and without prejudice to Clause 17.2 (Market disruption) or Clause 11.1 (Illegality), if before the Specified Time on any Quotation Day, the Facility Agent receives notice from a Revolving Lender that: 8.3.1 the Optional Currency (other than sterling or euro) requested is not readily available to it in the amount required; or 8.3.2 compliance with its obligation to participate in the Revolving Loan in the proposed Optional Currency would contravene a law or regulation applicable to it, the Facility Agent shall give notice to the relevant Borrower and to the Revolving Lenders to that effect before the Specified Time on that day. In this event, any Revolving Lender that gives notice pursuant to this Clause 8.3 (Revocation of currency) will be required to participate in the Revolving Loan in the Base Currency (in an amount equal to that Revolving Lender's proportion of the Base Currency Amount of the Loan that is due to be made) and its participation will be treated as a separate Revolving Loan denominated in the Base Currency during that Interest Period.

Appears in 2 contracts

Samples: Syndication and Amendment Agreement (Shire PLC), Facilities Agreement (Shire PLC)

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Revocation of currency. Notwithstanding Clause 8.1 (Availability of Optional Currencies) and without prejudice to Clause 17.2 (Market disruption) or Clause 11.1 (Illegality), if before the Specified Time on any Quotation Day, the Facility Agent receives notice from a Revolving Lender that: 8.3.1 the Optional Currency (other than sterling or euro) requested is not readily available to it in the amount required; or 8.3.2 compliance with its obligation to participate in the Revolving Loan in the proposed Optional Currency would contravene a law or regulation applicable to it, the Facility Agent shall give notice to the relevant Borrower and to the Revolving Lenders to that effect before the Specified Time on that day. In this event, any Revolving Lender that gives notice pursuant to this Clause 8.3 (Revocation of currency) will be required to participate in the Revolving Loan in the Base Currency (in an amount equal to that Revolving Lender's ’s proportion of the Base Currency Amount of the Loan that is due to be made) and its participation will be treated as a separate Revolving Loan denominated in the Base Currency during that Interest Period.

Appears in 1 contract

Samples: Facilities Agreement (Shuttle Corp)

Revocation of currency. Notwithstanding Clause 8.1 (Availability of Optional Currencies) and without prejudice to Clause 17.2 (Market disruption) or Clause 11.1 (Illegality), if if, before the Specified Time on any Quotation Day, the Facility Agent receives notice from a Revolving Lender that: 8.3.1 the Optional Currency (other than sterling or euro) requested is not readily available to it in the amount required; or 8.3.2 compliance with its obligation to participate in the Revolving Loan in the proposed Optional Currency would contravene a law or regulation applicable to it, the Facility Agent shall give notice to the relevant Borrower and to the Revolving Lenders to that effect before the Specified Time on that day. In this event, any Revolving Lender that gives notice pursuant to this Clause 8.3 (Revocation of currency) will be required to participate in the Revolving Loan in the Base Currency (in an amount equal to that Revolving Lender's ’s proportion of the Base Currency Amount of the Loan that is due to be made) and its participation will be treated as a separate Revolving Loan denominated in the Base Currency during that Interest Period.

Appears in 1 contract

Samples: Facility Agreement (Shire Ltd.)

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Revocation of currency. Notwithstanding Clause 8.1 (Availability of Optional Currencies) and without prejudice to Clause 17.2 18.2 (Market disruption) or Clause 11.1 (Illegality), if before the Specified Time on any Quotation Day, the Facility Agent receives notice from a Revolving Facility A Lender that: 8.3.1 the Optional Currency (other than sterling or euro) requested is not readily available to it in the amount required; or 8.3.2 compliance with its obligation to participate in the Revolving Facility A Loan in the proposed Optional Currency would contravene a law or regulation applicable to it, the Facility Agent shall give notice to the relevant Borrower and to the Revolving Facility A Lenders to that effect before the Specified Time on that day. In this event, any Revolving Facility A Lender that gives notice pursuant to this Clause 8.3 (Revocation of currency) will be required to participate in the Revolving Facility A Loan in the Base Currency (in an amount equal to that Revolving Facility A Lender's ’s proportion of the Base Currency Amount of the Loan that is due to be made) and its participation will be treated as a separate Revolving Facility A Loan denominated in the Base Currency during that Interest Period.

Appears in 1 contract

Samples: Facilities Agreement (Shire Pharmaceuticals Group PLC)

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